Well, the thread is about cloaks, too. They're very practical! We're in Skyrim! In fact, I'd take cloth physics/cloaks over mounted combat any day.
Absolutely. Capes and cloaks are a staple on the genre, and what with Elder Scrolls slowly drifting a bit from the alien, strangeness inducing feel of Morrowing and the 70s Greyhawke like plains and forests from Oblivion, going into R.E. Howard and Tolkien territory, i find the presence of cloaks and, to a lesser degree, capes, almost fundamental.
One may argue that the fact that the indumentary is present in other works of the genre is not representative of what SHOULD be in an Elder Scrolls game, to which I would reply that regardless of setting, throwing a big, plain piece of cloth on top or oneself, providing another layer of clothing without much compromise of mobility, with or without a hood, seems like a pretty standard logic.